I have read and accepted to the Terms of Use. By clicking on 'Apply Now' I authorise FreEMI and its representative to call me or SMS me overriding my registered number on DNC/NDNC.

4.5 /5(500 Votes)

Overview of EMI Calculator

When you take a loan, you need to repay the amount along with the interest rate charged by the financial institution. The loan repayment method is through EMI. What’s an EMI? Let’s explain it briefly. EMI an abbreviated form of Equated Monthly Instalment which is the amount of money that you pay to the lending institutions on a monthly basis at a certain date. You can easily calculate your EMI using EMI Calculator which gives you a clear idea of your monthly payments and helps in managing your finances accordingly.

EMI is divided into two parts namely the principal amount and the interest rate charged on loan. During the initial period, the interest amount remains higher than the principal amount in the EMI payment. But as loan repayment period progresses, the interest repayment amount decreases, so the principal outstanding amount also reduces.

Before taking a loan, if you want to know your loan repaying amount for a certain time period at a particular interest rate, then EMI Calculator for a loan is the best tool for you. For calculating EMI using EMI Calculator online, you need to input important details like- loan duration, the loan amount you want to borrow and the interest rate.

What do you mean by EMI Calculator?

EMI Calculator is a handy financial tool which helps you to evaluate the EMI amount that you need to pay every month in case you have taken a loan or is planning to do so. Manual calculation of EMI taking into account loan amount, loan duration and interest rate is quite a troublesome work to do. Instead of using EMI Calculator online helps in calculating your EMI in a much hassle free way. Moreover not only the EMI amount but how much EMI constitutes the principal amount and the interest amount is also clearly evaluated by EMI Calculator.

One more important thing to consider about EMI Calculator Online in India is the rate of interest that is charged by the lenders. EMI Calculator monthly interest rate charged is of 2 types namely fixed interest rate and flexible interest rate. Sometimes borrowers are offered the flexibility to choose the interest rate for their EMI payment. If you go for a fixed interest rate, then the interest rate will be fixed whatever be the market condition prevails. But if you go for floating interest rate, in a decreasing market trend situation the rate will be lower while the rate will be higher if the market trend is high.

Fixed rate of interest does not fluctuate and remains the same both at the time of borrowing and throughout the loan tenure irrespective of the Marginal Cost of Lending Rate or MCLR. While in case of floating interest rate, with every revision of MCLR by the banks based on the market conditions, the interest rate varies.

How EMI Calculator Works?

EMI Calculator online is a very handy tool which simplifies your EMI calculation in just a few seconds. In order to calculate EMI using EMI Calculator in India, you need to input as said earlier- the loan amount, the interest rate and the loan tenure.

The mathematical calculation for EMI using EMI Calculator Formula is-

EMI= [P*r*(1+r)n]/[((1+r)n-1)]
where,
‘EMI’ is the Equated Monthly Instalment
‘P’ is the Principal loan amount that is borrowed
‘r’ is the interest rate that is levied on the loan amount calculated on a monthly basis
‘n’ is the loan tenure in number of months

If you want to calculate the EMI for various combinations of loan amount, rate of interest and loan tenure using a manual process, then the calculation will be very complex and error-prone. EMI Calculator solves this complexity of EMI calculation and gives you the result in a split second. Also, EMI Calculator repayment schedule details help in giving a clear picture of the EMI payments.

This the basic EMI Calculator formula but sometimes processing fee is also taken into consideration in evaluating EMI online. A certain % of the loan amount borrowed is charged as processing fee which usually lies between 1% to 3% that differs for different lending institutions.

Using EMI Calculator online, you get an idea of EMI payments whether it is within your repaying capacity or not. If not you can adjust the loan tenure and/or loan amount keeping in mind that the rate of interest and processing fees (if applicable) can’t be altered. An added advantage of using EMI Calculator online is that, you can compare different loan offers by various lending institutions and opting for low-interest rate of interest and zero processing fees to lower your EMI payments.

Based on different types of loans, you are benefitted with various kinds of EMI Calculator such as EMI Calculator for Personal Loan, EMI Calculator for Car Loan, EMI Calculator for Business Loan and much more. Moreover, EMI Calculator is also used for evaluating EMI of different banks with different kind of loans namely- EMI Calculator Personal loan Axis Bank, EMI Calculator for home loan SBI, EMI Calculator HDFC Car Loan, EMI Calculator home loan HDFC, EMI Calculator Personal loan SBI and so on.

How do you use EMI Calculator?

For using EMI Calculator in India, you need to input the loan amount that you are planning to borrow or have already borrowed, loan tenure and the rate of interest.

Amount of Loan

The first most important thing to calculate EMI using EMI Calculator is the loan amount borrowed for meeting any of your personal needs like renovating home, buying a new car or expanding the business. The higher the loan amount you borrow higher will be your EMI payment. So, it is always better to borrow the loan amount which perfectly suits your monetary requirement and is within your repayment capacity.

Rate of Interest

The interest rate is charged on the borrowed loan amount. Depending on different banks and lending institutions, the interest rate varies for different loan types. So, before taking a loan, you can use EMI Calculator for comparing the EMI of various interest rates offered by different banks and accordingly go for the lower interest rate.

Loan Tenure

The loan repayment tenure is called the loan tenure. It varies based on the loan type, lending institution and the principal amount. If you go for a longer tenure to repay the loan, then you need to pay a higher interest rate. As a result, you will have to pay higher EMI. So, it is always advisable to calculate the EMI payments using EMI Calculator taking into account the shorter loan tenure which will be lower as compared to longer loan tenure.

EMI Calculator gives you a pictorial depiction of your EMI payments which helps you how much to borrow and repay it within a shorter time period which helps in managing your finances in a much disciplined manner. The three most important details that are offered by EMI Calculator are-

EMI Payment

After taking a loan, you need to repay it through Equated Monthly Installments or EMI. The EMI amount includes both the principal amount and the interest rate charged. Using EMI Calculator, you get an idea of EMI amount that you need to repay which should suit your loan repaying capacity.

The Breakup Amount

EMI Calculator breaks up the EMI payment that you need to pay to the lending institution. Using EMI Calculator, you get a clear EMI Breakup which helps you to understand how much you are paying as interest rate, principal amount and the processing fees that is charged for the loan.

Loan Amortization Schedule

Using the EMI Calculator, the process of loan repayment is depicted by loan amortization schedule. As the loan progresses, the loan amortization schedule helps you to understand how much interest is being paid off and how much principal amount is outstanding. During the initial EMI payments, the interest amount is higher than the principal amount. As the loan repayment period progresses, the interest amount decreases and the principal amount of your EMI payment increases. When the loan tenure ends, you would end up paying the full principal amount.

Types of EMI Calculator

EMI Calculator for Personal Loan

In order to fulfill almost any of your financial needs like- home renovation, medical emergency, travel expenses and much more, you opt for a personal loan. Using EMI Calculator for a personal loan helps you to decide the loan amount you want to borrow which you can easily repay and within your repaying capacity. So, EMI Calculator for a personal loan is a handy tool for your personal loan EMI calculation with higher interest rate and shorter loan tenure.

EMI Calculator of Home Loan

If you are planning to take a home loan, EMI Calculator of home loan is the best option to calculate your EMI payments which you need to pay within the longer loan repayment tenure. EMI Calculator of home loan prepares you mentally as well as financially to help you decide your loan amount which suits your requirement and also your repaying ability.

EMI Calculator for Business Loan

Using EMI Calculator for a business loan, you get accurate and error-free EMI calculation. The EMI Calculator for business loan uses EMI Calculator formula which you can use any time to calculate the EMI payments. For the loan repayment, you also get details of repayment schedule with the help of EMI Calculator with the repayment schedule.

EMI Calculator for Education Loan

In order to plan your child’s future with quality education, one feel the need of taking education loan as the education cost is really expensive today. Using EMI Calculator education loan, you get an idea of the monthly EMI amount which you need to repay after the moratorium period that is generally 6 months after the course gets completed or the student gets a job, whichever is earlier. So, EMI Calculator for education loan helps in managing your budget in a a more disciplined way.

EMI Calculations for Car Loan

Using EMI Calculator of car loan, you get to enjoy the comfort of having a car without taking the pressure of financial burden. You can use both EMI Calculator for a used car loan and EMI Calculator for car loan which is brand new to calculate your future EMI. With the help of EMI Calculator for car loan, you can borrow that amount of money which is within your financial capability.

EMI Calculator Mortgage Loan

If you want to take a loan against property (commercial, residential or land) which is a secured loan, you can definitely use EMI Calculator Mortgage Loan to get a detailed idea of your EMI payment. With the the help of EMI Calculator Mortgage Loan, you can borrow that amount of money which you can easily repay otherwise the lending institution will seize your mortgaged property against your non-repayment of EMI.

EMI Calculator for Credit Card

Use of credit card helps in an easy transaction of your purchases. But in case you are unable to repay the transaction amount, you can opt for EMI option to repay. Using EMI Calculator credit card tool, you are benefitted with the EMI amount which you need to pay in the future.

EMI Calculator for Simple Interest Loan

For a simple interest loan, you can easily calculate the simple interest by simply entering the loan amount, interest rate and the loan tenure in EMI Calculator simple interest tool. With just a click you get the simple interest using EMI Calculator for simple interest loan.

EMI Calculator of different Banks

EMI Calculator online helps you in comparing EMIs of different banks of different loans.

EMI Calculator SBI

EMI Calculator SBI Home Loan

EMI Calculator SBI Car Loan

EMI Calculator Personal Loan SBI

EMI Calculator SBI Credit Card

EMI Calculator HDFC

EMI Calculator for Home Loan HDFC

EMI Calculator HDFC Car Loan

EMI Calculator HDFC Credit Card

EMI Calculator AXIS Bank

EMI Calculator Personal Loan AXIS Bank

EMI Calculator Home Loan AXIS Bank

EMI Calculator ICICI

EMI Calculator Home Loan ICICI

EMI Calculator Personal Loan ICICI

EMI Calculator ICICI Credit Card

EMI Calculator YES Bank

EMI Calculator Personal Loan YES Bank

EMI Calculator Home Loan YES Bank

EMI Calculator Indiabulls

EMI Calculator Home Loan Indiabulls

EMI Calculator Personal Loan Indiabulls

EMI Calculator Indiabulls Car Loan

Indiabulls Loan Against Property EMI Calculator

EMI Calculator IndusInd Bank

EMI Calculator Personal Loan IndusInd

EMI Calculator Home Loan IndusInd

Car Loan EMI Calculator IndusInd Bank

EMI Calculator Bajaj Finserv

EMI Calculator Personal Loan Bajaj Finserv

EMI Calculator Home Loan Bajaj Finserv

EMI Calculator Kotak Mahindra Bank

EMI Calculator Personal Loan Kotak Mahindra

Home Loan EMI Calculator Kotak Mahindra

Car Loan EMI Calculator Kotak Mahindra

Business Loan EMI Calculator Kotak Mahindra

Car Loan EMI Calculator Kotak Mahindra

EMI Calculator of Personal Loan- EMI per lakh

Lending Institutions

Maximum Loan Tenure

Lowest EMI per lakh

ICICI Personal Loan

48 months

Rs. 2,187

HDFC Personal Loan

60 months

Rs. 2,187

Axis Personal Loan

60 months

Rs. 2,187

SBI Personal Loan

48 months

Rs. 2,658

Tata Capital Personal Loan

60 months

Rs. 2,212

IDFC First Bank Personal Loan

60 months

Rs. 2,301

IndusInd Personal Loan

60 months

Rs. 2,174

Fullerton India Personal Loan

48 months

Rs. 2,898

IIFL Personal Loan

60 months

Rs. 2,275

YES Bank Personal Loan

60 months

Rs. 2,162

Kotak Bank Personal Loan

60 months

Rs. 2,199

Bajaj Finserv Personal Loan

60 months

Rs. 2,224

(as in May, 2019)

EMI Calculator of Home Loan- EMI per lakh

Lending Institutions

Maximum Loan Tenure

Lowest EMI per lakh

ICICI Home Loan

30 years

Rs. 808

HDFC Home Loan

30 years

Rs. 787

Axis Home Loan

30 years

Rs. 797

SBI Home Loan

30 years

Rs. 776

Tata Capital Home Loan

30 years

Rs. 808

IDFC First Bank Home Loan

30 years

Rs. 848

PNB Housing Finance Home Loan

30 years

Rs. 812

IIFL Home Loan

30 years

Rs. 841

YES Bank HomeLoan

25 years

Rs. 863

Kotak Bank Home Loan

20 years

Rs. 893

LIC Housing Finance Home Loan

30 years

Rs. 783

(as in May, 2019)

EMI Calculator of Car Loan- EMI per lakh

Lending Institutions

Car Loan (used car) EMI per lakh

Car Loan (new car) EMI per lakh

ICICI Car Loan

Rs. 2,149 (for 5 years)

Rs. 1,591 (for 7 years)

HDFC Car Loan

Rs. 2,275 (for 5 years)

Rs. 1,622 (for 7 years)

Axis Car Loan

Nil

Rs. 1,478 (for 8 years)

SBI Car Loan

Rs. 1,798 (for 7 years)

Rs. 1,624 (for 7 years)

PNB Car Loan

Rs. 2,184 (for 5 years)

Rs. 1,596 (for 7 years)

IDBI Bank Car Loan

Nil

Rs. 1,609 (for 7 years)

IndusInd Car Loan

Nil

Rs. 2,157 (for 5 years)

Kotak Bank Car Loan

Rs. 2,485 (for 5 years)

Rs. 2,199 (for 5 years)

(as on May, 2019)

EMI Calculator of Business Loan- EMI per lakh

Lending Institutions

Maximum Loan Tenure

Lowest EMI per lakh

ICICI Business Loan

36 months

Rs. 3,540

HDFC Business Loan

48 months

Rs. 2,816

PNB Business Loan

60 months

Rs. 2,257

SBI Business Loan

48 months

Rs. 2,594

Tata Capital Business Loan

48 months

Rs. 2,938

IDFC First Bank Business Loan

36 months

Rs. 3,819

IndusInd BusinessLoan

60 months

Rs. 2,327

Fullerton India Business Loan

48 months

Rs. 2,834

IIFL Business Loan

60 months

Rs. 2,275

YES Bank BusinessLoan

36 months

Rs. 3,528

Kotak Bank Business Loan

60 months

Rs. 2,432

Bajaj Finserv Business Loan

48 months

Rs. 2,938

(as on May, 2019)

EMI Calculator of Loan Against Property- EMI per lakh

Lending Institutions

Maximum Loan Tenure

Lowest EMI per lakh

ICICI Loan Against Property

15 years

Rs. 1,084

HDFC Loan Against Property

15 years

Rs. 1,059

Axis Loan Against Property

15 years

Rs. 1,159

SBI Loan Against Property

15 years

Rs. 1,093

Indiabulls Loan Against Property

10 years

Rs. 1,349

IDFC First Bank Loan Against Property

15 years

Rs. 1,187

IndusInd Loan Against Property

15 years

Rs. 1,044

Standard Chartered Bank Loan Against Property

15 years

Rs. 1,081

IDBI Bank Loan Against Property

15 years

Rs. 1,087

YES Bank Loan Against Property

15 years

Rs. 1,105

Kotak Bank Loan Against Property

12 years

Rs. 1,172

Bajaj Finserv LoanAgainst Property

20 years

Rs. 978

(as on May, 2019)

Benefits of using EMI Calculator

Accuracy

Manual calculation of EMI is prone to error. Moreover if you continuously calculate EMI of different loans you are prone to more mistakes. Instead of using EMI Calculator helps you to yield an accurate result which is error free. You will get accurate EMI calculations for different loans like- EMI Calculator for personal loan, EMI Calculator for home loan, EMI Calculator for car loan, EMI Calculator bike loan, EMI Calculator for education loan, EMI Calculator for business loan, EMI Calculator for vehicle loan, EMI Calculator for gold loan, EMI Calculator for auto loan, or EMI Calculator mortgage loan.

Financial Planning

Using EMI Calculator, you get a detailed idea of your EMI payments for a specific loan amount, interest rate and the loan repayment tenure. So, you can decide the loan amount that you want to borrow which fits into your repaying capacity and also does not hamper your monthly budget.

Saves Time & Complicated Calculations

Rather than going for manual calculation which is extremely time-consuming and complex. EMI Calculator online is the best financial tool which saves your time and calculate the EMI using EMI Calculator formula within seconds.

Easy Accessibility

You can calculate your EMI for n number of times using EMI Calculator online. No need of going to the bank to get details of EMI payment. Just use EMI Calculator online at your preferred time as per your convenience. So, in short, EMI Calculator is easily accessible whenever you need and wherever you need.

FAQ’s

With the help of EMI Calculator, you get an accurate error-free EMI amount based on your entered loan amount, interest rate and loan tenure. Also, EMI Calculator is easily accessible and solve complex mathematical calculation with just a click of a button.

Using EMI Calculator for evaluating future EMI when you are planning to take a loan helps in planning your finances in a much more disciplined way. EMI Calculator helps you to zero down to that loan amount which not only satisfies your requirements but also ranges within your repaying capacity.

With delayed EMI payments, the lending institution will charge a certain amount as penalty fees. The amount of penalty fee will differ from bank to bank. But delayed EMI payments will negatively impact your credit score.

EMI Calculator provides you with EMI amount which you need to pay in future if you have taken a loan or is planning to take one. But the most important information that an EMI Calculator provides is that it separately segregates EMI amount into the principal amount and interest amount that you need to pay.

Disclaimer:
FreEMI do not sell any kind of loans on it's own and do not take any kind of fees from our customers. We recommend our customers to select best offers from Banks and its advertisers. We do not assure or grantee any loans, as the loan is sanctioned as per the norms of Banks and NBFCs. We propose all customers to never entertain any monetary demand for disbursal of loan. Also, it is a request that in case if any individual asking for money and calling themselves as representative of
FreEMI should be immediately reported to us via mail at support@freemi.in

Display of any logos, tradenames, trademarks, and other subject matters of intellectual property belong to their particular intellectual property owners. Display of such IP including the related product
details does not imply FreEMI's partnership with the Intellectual Property owner or manufacturer /issuer of such products.

IRDA Registration No. HCG11821 Insurance is the subject matter of solicitation. Our visitors are hereby informed that their information submitted may be shared with HDFC ERGO.
The product information displayed on this website is of the insurer.